SCOTTSDALE, ARIZ. — Whitestone REIT has purchased the 62,533-square-foot Desert Canyon Shopping Center, located at the intersection of East McDowell Mountain Ranch Road and 105th Street in northern Scottsdale, for $3.65 million. The retail property was bought out of foreclosure from a regional bank in an all-cash transaction. Situated within the 3,200-acre McDowell Mountain Ranch master-planned community, Desert Canyon Shopping Center was 65 percent occupied at the time of sale.
FAIRFAX, VA. — A cobranded ground lease between Walgreens and PNC Bank sold for $13.8 million, the largest net-leased retail transaction in the Washington, D.C., area in the last several years. Jeff Bogart of Calkain Companies' Reston, Va. office represented both the seller and the buyer.
PLAINWELL, MICH. — The Hampshire Companies has acquired a retail property from AC Green Associates for an undisclosed price. The 113,481-square-foot property is located at 1227 Michigan 89 in Plainwell. Fully occupied by The Home Depot, the property features a 98,839-square-foot retail space and an 18,642-square-foot garden center. Christopher Rider of Day Pitney LLP represented the buyer; John Marquis of Warner, Norcross & Judd represented the seller in the transaction.
MACHESNEY PARK, ILL. — Rockford, Ill.-based Orput Companies Inc. has broken ground for the development of a 6,125-square-foot, build-to-suit/leaseback Advance Auto Store property in Machesney Park. The property will join Aldi Foods, Verizon Wireless, FedEx Office, Pizza Hut and Buffalo Wild Wings in Orput's 26-acre Willow Creek Retail Center, which is located at the intersection of Alpine Road and Illinois 173. Rockford-based Cord Construction is constructing the project, which is slated to open in July. Alpine Bank is providing financing for the project. Allen Joffe of Baum Realty represented Advance Auto in the transaction.
MILLCREEK, PA. — WS Development and Olympic Realty & Development Corp. have closed on the acquisition of 42 acres of land located at 5242 W. Ridge Road in Millcreek. The developers plan to construct a 350,000-square-foot, open-air shopping center on the site. The purchase was made in partnership with Walmart, which will anchor the project. Construction is expected to begin this year. Jeffrey Johnson of Jeffrey Johnson & Associates assisted in brokering the land transactions.
HOUSTON — Northchase Plaza I, a 12,560-square-foot retail property located at 13626 Veterans Memorial Dr. in Houston, has changed hands. James Bell of Marcus & Millichap's Houston office represented the seller, which listed the property at $1.8 million. Meanwhile, Justin Miller, also of Marcus & Millichap's Houston office, represented the buyer. The property was built in 2004 and sits on 43,650 square feet of land.
HOOVER, ALA. — Grandbridge Real Estate Capital closed a $45 million loan for the 512,871-square-foot Patton Creek Shopping Center in Hoover. The first mortgage, 10-year term loan has a 30-year amortization and was secured through RBS Global Banking & Markets, part of the Royal Bank of Scotland Group, by Lance Lehman of Grandbridge's Ft. Lauderdale, Fla., office.
HOUSTON — De La Vega Capital has acquired Gulfgate Square in Houston for an undisclosed price. Situated on a 7.4-acre site at 6800 Gulf Freeway, the 78,690-square-foot shopping center is occupied by Office Depot, Conn's, Radio Shack, Subway, Whataburger and IHOP. Rusty Tamlyn and Trent Agnew of Holliday Fenoglio Fowler represented the seller, Moody Rambin Interests, in the transaction.
INDIANAPOLIS — Browning Construction has been selected to construct Lake City Bank's first office building/bank branch in Indianapolis. Located within Parkwood West at 96 and Meridian streets, the 11,200-square-foot, Class A facility has been designed by MSKTD & Associates to achieve LEED Silver certification. Completion is scheduled for October.
MILFORD, CONN., AND ROBINSON TOWNSHIP, PA. — A joint venture between O'Connor Capital Partners and Wafra Investment Advisory Group has teamed up with The Wilder Companies to acquire two shopping center properties in Connecticut and Pennsylvania. The first property is Milford Marketplace, a 122,000-square-foot, open-air center located in Milford. Completed in 2007, the center is anchored by Whole Foods Market. In the second deal, the partnership purchased an ownership interest in Phase I of Settlers Ridge in the Pittsburgh suburb of Robinson Township. Phase I comprises 400,000 square feet of space anchored by Giant Eagle Market District, REI, LA Fitness, Barnes & Noble and a 16-screen Cinemark theater. It opened in 2009. Both centers were developed and were previously managed by CBL Properties. Wilder will assume management and leasing responsibilities going forward.